Ethereum is the second most popular cryptocurrency in the world behind Bitcoin. Ethereum has a strong following of believers and followers that are interested in the Ethereum platform for building decentralized applications, but Ethereum may not be number one forever.
Many other cryptocurrencies have been created with goals to compete with Ethereum, and some of them might end up making Ethereum obsolete.
This article will list out nine cryptocurrencies that could beat Ethereum as the dominant cryptocurrency in 2021.
- Stellar Lumens
- Solana – Solana is a cryptocurrency that was launched in December 2017. It’s an open-source, peer-to-peer, and dual consensus system with Proof of Work (PoW) and Solana Quorum System (SQX). Solana can be one of the top cryptocurrencies for years to come because it offers high throughputs and low latency. In addition, Solana also solves blockchain scalability issues by using “secure proofs,” which are not reliant on PoW or SQX. This results in a second-layer ledger where transactions can happen much quicker than they would have otherwise without compromising security as these predetermined blocks cannot be tampered with once created through Solana’s Secure Proof-of-Stake protocol.
Ethereum may be the most well-known cryptocurrency, but Solana has many potentials to be used much more often. Is Solana an ETH competitor? Yes, very much so!
- Litecoin – Ethereum may have created tokens to help deal with scaling issues more quickly than Litecoin could, but Ethereum still suffers from some of these problems. Litecoin is a peer-to-peer cryptocurrency and open source software project released under the MIT/X11 license, originally called “Bitcoin Silver.”
Charlie Lee created it as an alternative to Bitcoin with faster transaction speeds in 2011. The coin has been heavily traded on exchanges since then; Ethereum and Litecoin are the two most popular cryptocurrencies traded through Coinbase.
- EOS – EOS offers scalable apps that can handle large amounts of users without breaking them down. It also doesn’t charge transaction fees as Bitcoin or Ethereum do, so it’s cheaper too! The largest drawback is centralization concerns as block producers control all aspects of running the network, and only 21 people can produce blocks. Ethereum may have a hard time overcoming these concerns in the future, but only time will tell.
- Stellar Lumens – Stellar is similar to Ethereum with its decentralized application building capabilities and smart contracts functionality. Still, it also offers cheaper transaction fees than Ethereum does.Stellar offers faster processing times at lower transaction costs than Bitcoin or Ethereum; this includes cross-border transactions (making it easier for international payments). The company uses IBM’s public cloud to build security into its blockchain network.
- IOTA – Ethereum’s scalability issues could create more of an opening for IOTA to move into first place by 2021 if developers can work out major security flaws like weak encryption and lack of replay protection that leaves IoT devices open to attack. IOTA is a cryptocurrency that doesn’t use blockchain. Instead, it uses what is called Tangle technology. This means transactions are verified independently and then confirmed by the network in subsequent blocks which speeds up transaction time for this digital currency.It’ll be interesting to see how all this plays out over the next few years!
- NEO – The NEO platform has grown to be one of the largest cryptocurrencies on the market today with its own unique set of features such as dBFT consensus mechanism and cross-chain protocol interoperability.
- Cardano – A peer-to-peer decentralized public ledger would allow users complete control over their funds without any third-party intervention or involvement.Cardano is developing a smart contract platform and cryptocurrency with more robust features than many competitors, such as supporting multiple currencies in one account as well as Ethereum Virtual Machine integration.
A research paper published by its developers indicates that their goal is to create “a balance between regulation and innovation.
- Monero – One of the most popular privacy coins, Monero offers several features such as stealth address and ring signatures to ensure that transactions are completely untraceable.
- Dash – Dash is an open-sourced peer-to-peer cryptocurrency created by Evan Duffield and can be mined using specialized hardware called ASICs, which stand for Application-Specific Integrated Circuits.
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